Lynn Mahaffie | Dec U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Tools to Support Higher Education Choice for FAAs Session #30

College Choice: Consumer Information Tools College Affordability and Transparency Center College Scorecard College Navigator Financial Aid Shopping Sheet StudentAid.gov 2

College Choice: Consumer Information Tools CATC* with Scorecards Quick view -- 5 key data elements -- of institutions on critical measures to help students decide where to consider applying College Navigator* More detailed information about institutions to help students decide where to apply Financial Aid Shopping Sheet “Know Before You Owe” Model Aid Offer Form with graduation & default (or repayment) rates to help students decide where to enroll CFPB’s Paying for College Tool Private sector (or gov’t) tool to facilitate comparisons of aid offers 5 key data elements include: (1)net price, (2)graduation rates, (3)default (or repayment) rates; (4)mean and median debt; and (5)employment outcomes. ED produced Institution produced Private Sector or Gov’t 3

College Affordability and Transparency Center 4 4

College Affordability and Transparency Center – Cosmetology Programs 5 5

College Affordability and Transparency Center 6

College Scorecard Search Screen 7 7

College Scorecard 8 8

Institutions are compared to “similar institutions” on each of the measures, defined as the predominant undergraduate award granted Primarily bachelor’s degree-granting Primarily associate’s degree-granting Primarily certificate granting To be updated annually Future developments: Employment data will be featured on the next iteration ED is currently developing a College Ratings system that will be featured on future College Scorecards. Ratings will be based on Access, Affordability, and Outcomes 9

College Scorecard Data MetricWhere does the Data Come FromSource Costs Average net price for undergraduates at the institution for academic year Comparison - Average net prices among institutions that primarily grant the same level of award. Changes in net price – Looks at 2007 – 2009 IPEDS Graduation Rate First-time, full-time degree or certificate-seeking undergraduate students who began at the institution. Comparison – institutions who grant primarily same type of degree. Primarily bachelor’s degree-granting - students beginning in Fall 2005 and seeking a bachelor’s degree (6 years). Primarily associate’s degree-granting institutions and primarily certificate-granting institutions, the graduation rate displayed is for students beginning in Fall 2008 (3 years). If the institution reports transfer out rates for first- time, full-time students, that rate is displayed as well. IPEDS 10

College Scorecard Data MetricWhere does the Data Come FromSource Loan Default Rate Institution’s three-year Federal student loan cohort default rate. Percentage of an institution’s borrowers who entered repayment on certain Federal student loans in federal fiscal year 2009 (between October 1, 2008 and September 30, 2009) and who defaulted before September 30, The national cohort default rate is also displayed. NSLDS Median Borrowing Data represent all undergraduate borrowers who graduated or withdrew from the institution between July 1, 2010, and June 30, All Federal loans for undergraduate study, including Parent PLUS loans, are included for this cohort of borrowers. Estimated monthly repayment amount has been calculated using the Department’s standard graduated repayment calculator based on an interest rate of 6.8% NSLDS Employment Data has not yet been released 11

College Choice: Consumer Information Tools CATC* with Scorecards Quick view -- 5 key data elements -- of institutions on critical measures to help students decide where to consider applying College Navigator* More detailed information about institutions to help students decide where to apply Financial Aid Shopping Sheet “Know Before You Owe” Model Aid Offer Form with graduation & default (or repayment) rates to help students decide where to enroll CFPB’s Paying for College Tool Private sector (or gov’t) tool to facilitate comparisons of aid offers 5 key data elements include: (1)net price, (2)graduation rates, (3)default (or repayment) rates; (4)mean and median debt; and (5)employment outcomes. ED produced Institution produced Private Sector or Gov’t 12

ED’s college search tool Over 2.5 million site visits over the last year Wealth of information on the over 7,400 postsecondary institutions participating in the Federal financial aid programs Populated by the Integrated Postsecondary Education Data System (IPEDS) and data from the Office of Postsecondary Education (OPE) and the Office of Federal Student Aid (FSA) College Navigator 13

General information Admissions requirements Tuition & fees and average net price Programs and majors/fields of study offered Retention and graduation rates Campus safety and security Accreditation Cohort default rates College Navigator 14

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College Choice: Consumer Information Tools CATC* with Scorecards Quick view -- 5 key data elements -- of institutions on critical measures to help students decide where to consider applying College Navigator* More detailed information about institutions to help students decide where to apply Financial Aid Shopping Sheet “Know Before You Owe” Model Aid Offer Form with graduation & default (or repayment) rates to help students decide where to enroll CFPB’s Paying for College Tool Private sector (or gov’t) tool to facilitate comparisons of aid offers 5 key data elements include: (1)net price, (2)graduation rates, (3)default (or repayment) rates; (4)mean and median debt; and (5)employment outcomes. ED produced Institution produced Private Sector or Gov’t 18

Stage of choice process: choosing where to enroll Standardized, clear, and concise format for providing prospective students their personalized financial aid offer Designed to help prospective students and their families better understand the costs of college before making the final decision on where to enroll Identifies the type and amount of aid qualified for and allows for easy comparison of aid packages offered by different institutions Over 1,900 institutions have adopted the Shopping Sheet Those institutions represent over 43%, or 8.1 million undergraduate students Financial Aid Shopping Sheet 19

Financial Aid Shopping Sheet Edition Feedback from students, guidance counselors and financial aid administrators supported modest modifications. Language Changes “Grants from your school” will be changed to read “Grants and scholarships from your school.” “Parent PLUS Loan” will be changed to “Parent or Graduate PLUS Loan.” Median Borrowing metric, “Students at UUS typically borrow $X,XXX in Federal loans for their undergraduate study” will be changed to, “Students who borrow at UUS typically take out $X,XXX in Federal loans for their undergraduate study.”

Financial Aid Shopping Sheet Glossary ED has added a glossary as a second page to the Shopping Sheet. This addition will help explain financial aid terms used on the Shopping Sheet to students, financial aid administrators, and guidance counselors. Expanded Customizable Box On the second page, following the glossary, an additional space has been created to allow institutions to provide more individualized information. This is in addition to the customizable box already featured on the first page of the Shopping Sheet.

Financial Aid Shopping Sheet 22 Current “graduation rate survey” as reported to the National Center for Education Statistics under IPEDS Current “cohort default rate” as calculated by the Department Institution must use this form for service members and veterans if they sign on to the principles of excellence but our preference would before them to use this type of form for all students. NEW “median debt” calculated by the Department 22

Shopping Sheet Glossary

Annotated Shopping Sheet: This describes and clarifies the elements on the Shopping Sheet Institutions that have adopted the Shopping Sheet Financial Aid Shopping Sheet FAQs HTML specifications for the Shopping Sheet Institutional Metric Data File for the Financial Aid Shopping Sheet Financial Aid Shopping Sheet: Website 24

College Choice: Consumer Information Tools CATC* with Scorecards Quick view -- 5 key data elements -- of institutions on critical measures to help students decide where to consider applying College Navigator* More detailed information about institutions to help students decide where to apply Financial Aid Shopping Sheet “ Know Before You Owe” Model Aid Offer Form with graduation & default (or repayment) rates to help students decide where to enroll CFPB’s Paying for College Tool Private sector (or gov’t) tool to facilitate comparisons of aid offers 5 key data elements include: (1)net price, (2)graduation rates, (3)default (or repayment) rates; (4)mean and median debt; and (5)employment outcomes. ED produced Institution produced Private Sector or Gov’t 25

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StudentAid.gov 28

What is StudentAid.gov? 29 Federal Student Aid’s new streamlined website with comprehensive information on the student aid lifecycle Released July 15, 2012 Associated sites:

YouTube: “Prepare for College” Playlist 30

StudentAid.gov: Things to Consider 31

StudentAid.gov/resources#consumer-protection 32

StudentAid.gov/resources#consumer-protection 33

StudentAid.gov: FAFSA4caster Info 34

YouTube: Responsible Borrowing Video 35

Financial Awareness Counseling: StudentLoans.gov 36

StudentAid.gov: Repayment Plans 37

Comparing Colleges Brochure 38

Comparing Colleges Brochure 39

Websites:  College Affordability and Transparency Center: Collegecost.ed.gov  College Scorecard: collegecost.ed.gov/scorecard  College Navigator – nces.ed.gov/collegenavigator  Financial Aid Shopping Sheet:  CFPB’s Paying for College Tool  StudentAid.gov  Comparing Colleges Brochure: StudentAid.gov/comparingcolleges Resources 40

us:  Financial Aid Shopping Sheet  College Scorecard Contact 41

QUESTIONS? 42